Sun Life poll: Long term care planning scares many Americans

By Chris Reidy, Globe Staff

Only 16 percent of Americans 50 or older feel financially prepared to finance their long-term care, even though most older Americans will eventually need some form of assistance with daily living, such as with bathing, dressing, or eating, according to a new survey from Sun Life Financial Inc.

A Canadian financial-services company with a big presence in Wellesley, Sun Life Financial has been conducting a series of polls about retirement issues. (Sun Life sells financial products for retirement.) This particular survey is titled “Shut Your Eyes and Hope for The Best: American Attitudes Toward Long Term Care Planning.” According to Sun Life, many people are so spooked by aging that they shirk planning for retirement.

“Our survey shows that fear and wishful thinking paralyzes many people age 50 and older from making contingency plans that we believe can significantly enhance the quality of their final years and in many cases, conserve their finances,” Mike Shunney, president of Sun Life Financial Distributors Inc., said in a statement. “Long term care planning is easy to neglect, since some people will never need such assistance. But neglecting to plan can be expensive, given the rising cost of professional care. Instead of hoping for the best, we can all take steps aimed at securing the best possible lifestyle within our means, should we ever need long term care.”

The company press release notes that its Sun Care Whole Life is designed to address such concerns. According to the company’s description, Sun Care Whole Life is a single premium whole life insurance policy with a linked benefit that owners can apply to long-term care costs, including for in-home care, assisted living, and nursing home facilities.